On January 1, 2018, Sunland Corporation issued $4700000, 10-year, 7% bonds at 104. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2018 is

On January 1, 2018, Sunland Corporation issued $4700000, 10-year, 7% bonds at 104. Interest is payable annually on January 1. The journal entry to record this transaction on January 1, 2018 is 4700000 4700000 4888000 Cash Bonds Payable Cash Bonds Payable Premium on Bonds Payable Cash Bonds Payable 4888000 188000 4700000 4888000 4888000 Cash Bonds Payable Premium on Bonds Payable 4700000 188000